Suppose I play a lottery that has 300 tickets. I can only buy one ticket per draw. Statistically speaking, shouldn't I win once every 300 draws?
Is it more complicated than this?
This question has generated much more response than I had imagined. Thank you all, for your input and your great explanations.
To go into further details: The lottery has 300 tickets. You can buy 1 ticket per draw. Every draw, is all new tickets, so in essence, you can hold 1 out of 300 numbers, at each draw.
Just to give some funny (not really funny) side info. I have now played 1,104 times, and still have not won anything. I suppose I am EXTREMELY unlucky.